Texas AG Paxton Joins Multistate Investigation of S&P Global’s ESG Ratings

Lori Kalani, Bernard Nash
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  • Texas AG Ken Paxton issued a Civil Investigative Demand under the Texas Deceptive Trade Practices-Consumer Protection Act to S&P Global, Inc., a credit rating agency, seeking documents and information regarding S&P’s use of Environmental, Social, and Governance (ESG) ratings in its credit ratings analysis.
  • According to the AG’s office, the CID is part of Texas’ participation in a multistate investigation into potential violations of consumer protection laws related to S&P’s published ESG credit indicators, ESG scores, and ESG evaluations for use in credit ratings.
  • The CID seeks information, documents, and communications regarding S&P’s methodologies for calculating ESG scores, their incorporation into credit ratings, and whether a company’s relationship with an authoritarian government affects any ESG credit factors, among other things.
  • Previously, a coalition of 19 AGs sent a letter to BlackRock regarding concerns about the company’s alleged reliance on ESG investment criteria in managing state pension funds, as reported here.
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